2024 Financial Highlights of LODI Bank: A Year of Growth and Prosperity
LODI Bank, located in LODI, Calif., has reported impressive financial results for the full year 2024. The bank’s net income reached a record high of $88.5 million, or $121.02 per share, marking an increase of 3.78% compared to the previous year’s net income of $116.61 per share.
Financial Metrics
The fourth quarter of 2024 brought in a net income of $21.8 million, or $31.11 per share, representing a rise from $21.4 million, or $28.55 per share, in the same quarter of the previous year. The net interest margin was maintained at 4.05%, while the loan yield stood at 6.08% and the cost of average total deposits was 1.35%.
Operating expenses were effectively managed, resulting in an efficiency ratio of 46.24%. The bank’s asset base expanded slightly to $5.37 billion, with loans and leases held for investment and total deposits both growing modestly during the year. Year-end balances amounted to $3.69 billion in loans and leases and $4.70 billion in total deposits.
Liquidity and Capital Position
LODI Bank boasts a strong liquidity position, with $212.6 million in cash, $1.2 billion in investment securities, of which $464.4 million are available-for-sale, and a borrowing capacity of $2.1 billion, with no outstanding borrowings as of December 31, 2024.
Credit Quality
The bank’s credit quality remains strong, with net charge-offs for the year totaling $0.7 million, $0.9 million of non-performing loans or leases at year-end, and a total allowance for credit losses of 2.11%.
Impact on Individuals
These financial results signify a promising outlook for LODI Bank’s shareholders, as the bank’s earnings per share have increased, leading to potential capital appreciation. Furthermore, the bank’s strong financial position indicates stability and reliability for its customers, providing them with confidence in their savings and investments.
Impact on the World
The banking sector’s overall performance is influenced by the financial health of individual institutions like LODI Bank. With strong financial results, LODI Bank contributes to the stability and growth of the banking sector, which in turn can positively impact the broader economy. This stability can lead to increased consumer and business confidence, potentially stimulating economic growth and job creation.
Conclusion
LODI Bank’s full year 2024 financial results demonstrate a strong commitment to profitability, growth, and effective management. With a record net income, a solid capital position, and a strong liquidity position, LODI Bank is well-positioned to weather economic uncertainties and continue providing valuable financial services to its customers. These results not only benefit the bank’s shareholders but also contribute to the stability and growth of the banking sector and the economy as a whole.
- Record full year net income of $88.5 million
- Earnings per share: $121.02
- 3.78% increase in net income from the previous year
- Net interest margin: 4.05%
- Loan yield: 6.08%
- Cost of average total deposits: 1.35%
- Efficiency ratio: 46.24%
- Return on average assets: 1.64%
- Return on average equity: 15.49%
- Total assets: $5.37 billion
- Loans and leases held for investment: $3.69 billion
- Total deposits: $4.70 billion
- Strong liquidity position
- Strong capital position
- Net charge-offs: $0.7 million
- Non-performing loans or leases: $0.9 million
- Total allowance for credit losses: 2.11%
